Kayne Anderson BDC (KBDC) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Kayne Anderson BDC

NYSE•Financial Services•Asset Management

$13.05+0.03(<0.01%)Pre-market

Market Cap

$865.83M

P/E

11.6x

P/S

3.7x

P/B

0.8x

Kayne Anderson BDC, Inc. is business development company and an externally managed, closed-end, non-diversified management investment company that intends to elect to be regulated as a BDC under the 1940 Act. The fund seeks to make investments in middle-market companies. It also makes debt investments in middle-market companies and investing primarily in first lien senior secured, unitranche, and split-lien loans to privately held middle-market companies. The fund considers between 80% and 90% of its portfolio (including investments purchased with proceeds from borrowings) will be invested in first lien senior secured, unitranche and split-lien term loans. The remaining 10% to 20% of its portfolio will be invested in higher-yielding investments, including, but not limited to, second lien loans, last-out or subordinated loans, non-investment grade broadly syndicated leveraged loans, high-yield bonds, structured products (including CLO liabilities), real estate related debt securities, equity securities purchased in conjunction with debt investments and other opportunistic investments.

How this company scores

WeakMetricSide Score: 26/100

Grade capped at D — Interest coverage below 1× (-1.5x) — earnings cannot cover interest. Strongest: Growth (11/25); weakest: Profitability (4/25).

Profitability4/25

Growth11/25

Balance Sheet & Red Flags6/25

Cash & Earnings Quality5/25

Strengths

Consistent growthNo share dilution

Grade capped at D

Interest coverage below 1× (-1.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.6x5y range 5.0x – 19.4x

Currently above its 13-quarter median.

P/S · 3.7x5y range 3.7x – 5.9x

Currently near its 13-quarter median.

P/B · 0.8x5y range 0.7x – 1.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $865.83M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $236.30M
Q. Revenue: $55.70M
TTM EBITDA: $-119.69M
TTM Op. Income: $-119.69M
Q. Op. Income: $-28.14M
TTM Net Income: $74.54M
Q. Net Income: $10.72M
EPS: $0.16
Shares Out.: $66.35M

$236.30M in TTM revenue grew 4.2% YoY, reaching $55.70M last quarter. TTM EBITDA of $-119.69M and TTM operating income of $-119.69M show growth is flowing through to the bottom line. TTM net income of $74.54M means revenue is converting into profit. Over the past year, TTM revenue is up 4% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: -50.5%
Op. Margin: -50.5%
Net Margin: 19.2%

Op. margin of -50.5% is down 0.6% YoY — costs are rising relative to revenue. Net margin at 19.2% Over the past year, operating margin is down 1% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.6x
P/S Ratio: 3.7x
P/B Ratio: 0.8x

At 11.6x P/E, the stock trades below typical market levels. P/S of 3.7x and P/B of 0.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 29% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $2.34B
Cash: $14.52M
Long-Term Debt: $1.22B
Book Value: $1.06B
D/E Ratio: 1.2
Debt/EBITDA: N/A

With $2.34B in assets and $1.22B in long-term debt, D/E is 1.2and book value is $1.06B — moderate leverage. Across the last 8 quarters, debt/equity has risen for 7 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-69.43M
TTM Free Cash Flow: $-3.54M
FCF Margin: -1.5%
FCF / Net Income: -0.0

TTM FCF of $-3.54M on $-69.43M in operating cash flow. The FCF / Net Income ratio of -0.0x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 99% — a weakening trend.